Chairman SECP warns against deceptive Apps: Calls for public vigilance

A thriving capital market helps in driving economic growth: Chairman SECP

ISLAMABAD: In a keynote address at the Mercantile Expo, Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP), emphasized the dangers posed by deceptive investment apps on social media. Saeed urged the public to verify platforms through SECP-regulated websites and stay vigilant against illicit schemes.

Chairman Saeed lauded the legitimacy of the Mercantile Exchange as a secure investment platform, advocating for awareness campaigns to foster its growth. He stressed the importance of caution in digital investments, proposing innovative platforms for the youth and envisioning a promising future for capital ventures.

The Investment Expo, organized by Mercantile Exchange in collaboration with SECP here on Saturday, showcased seminars on stocks, commodities, and mutual funds, emphasizing awareness through informative sessions. Exhibition stalls provided insights into diverse investment avenues, including stock brokers, commodity brokers, mutual fund insurance, Takaful companies, and microfinance institutions.

Chairman Saeed expressed concerns about fraudulent schemes on social media, urging investors to exercise caution. Despite challenges, he underscored technology’s role in unveiling new opportunities within the financial sector.

The Pakistan Mercantile Exchange (PMEX) organized the InvestExpo, featuring leading entities in the financial sector. The inaugural expo in Islamabad aimed to encourage safe investment alternatives and raise financial knowledge.

Chairman PMEX Abdul Qadir Memon expressed gratitude for the expo, showcasing the dynamism and resilience of financial markets. The event celebrated the empowerment of investors, emphasizing the critical importance of investor awareness for a robust financial ecosystem.

The expo, beyond direct beneficiaries, also aims to ensure every individual and entity involved in financial markets is equipped with knowledge for informed decisions. It attempts to bridge the information gap, making financial products and services more accessible and contributing to an inclusive financial landscape.

A thriving capital market, according to Chairman Saeed, provides necessary capital for businesses to expand, innovate, and create employment opportunities, driving economic growth. A vibrant capital market enables wealth creation and preservation, allowing investors to diversify portfolios and participate in long-term growth.

The SECP is committed to maintaining a fair and transparent marketplace, ensuring investor rights and interests which are protected through regulatory safeguards. Trust is essential, and ethical conduct is encouraged and expected from all participants, fostering an environment of integrity.

Financial literacy, highlighted through the SECP’s Jamapunji initiative, acts as a shield against malpractice, aiming to empower individuals with knowledge for sound financial decisions.

Ghulam Abbas
Ghulam Abbas
The writer is a member of the staff at the Islamabad Bureau. He can be reached at [email protected]

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